PricewaterhouseCoopers: Raising Hong Kong's IPO fund-raising forecast for this year to HK$200-220 billion

The Zhitong Finance App learned that PricewaterhouseCoopers raised the number of IPOs and capital raised in Hong Kong this year from the 70-80 and HK$130-160 billion forecast at the beginning of the year to 90-100 and HK$20-220 billion respectively. As for the first half of 2025, the Hong Kong IPO market raised a total of HK$107.1 billion, a seven-fold increase over the same period last year, ranking first in the world. It is the second highest in the same period in the past 10 years, and has surpassed the amount raised for the full year of 2024.

Gold Qian, managing partner of PwC Hong Kong Capital Markets Services, said, “Hong Kong regulators have made a number of amendments to the listing regulations to provide measures that are more conducive to the listing of different companies, optimize the approval process, improve the transparency and efficiency of listing, and attract more companies to Hong Kong. The recent strong performance of IPOs has further boosted investor confidence; overall capital liquidity has improved and valuation levels have rebounded, attracting more companies to raise capital through the Hong Kong capital market listing, demonstrating the long-term steady development of the Hong Kong capital market. The listing of A+H shares has become a new trend: through two listings, companies can make full use of the two listing platforms to reach out to different investors to meet the needs of enterprises. We estimate that the IPO amount raised will be HK$20 billion to HK$220 billion, and Hong Kong is expected to regain the top position in the world in terms of IPO capital raised. The IPO market is also expected to continue to be active next year, driven by the listing of many major IPOs.”

Looking back at the first half of 2025, a total of 44 IPOs were listed in Hong Kong, including 42 listed on the main board, 1 GEM transferred to the main board (no capital raised) company, and 1 de-SPAC, up 47% from the first half of 2024. The main board IPOs were mainly retail, consumer goods and services (34%), followed by industry and materials and medicine (23% each).

As for the first half of 2025, 51 companies successfully completed initial public offerings and listings in the A-share IPO market, and the cumulative amount of capital raised exceeded RMB 37.3 billion. Compared with the same period last year, the number of IPOs increased by 16%, and the amount raised also increased by 15%. This positive trend reflects the optimization of regulatory support policies and regulatory efficiency.